**SAM**

icebunie

I saw in the confessions post you were scared of owing more money when its around closing time. Your lender should give you a good faith estimate based on what you are willing to offer for the house. My lender actually was conservative (meaning she padded the numbers) so we ended up getting a check back at closing. I know its stressful and scary, but you'll get through it!

samanthas8882

lol I know.. but I imagine all these scenerios of things going wrong.

HeatherWain

IB, she's probably talking about what happened to me and my hubs at our settlement. 2 days before settlement, the mortgage company notified us that they wanted to see more money in our bank account.  I think our closing costs were like 13 or 15 grand and that's all we had and we put everything into that.  We were notified 2 days before settlement that they wanted us to have a cushin of at least 5k in our bank account.  So we borrowed the money from D's uncle and wrote him a check for that amount.  So we went into settlement with the cushion of 5 k and then as soon as we closed on the house, we had D's uncle cash the check. They would not give us our mortgage until we had that cushion of money.

HeatherWain

**cushion. sorry, forgot the 'o' above.

samanthas8882

Now Hdubs, they ask for support for all deposits over a certain amount.... Ice - Do they ask for withdrawls over a certain amount too?And if someone gives you money, they have to sign that it is a gift; otherwise, they treat it as a loan and count it in your debt to income ratio.

HeatherWain

Yes, sam. He signed off that it was a gift.

HeatherWain

OH sam I read your last post wrong.   yes, they did all of that when we got our mortgage 3 years ago, too.  When Dan's uncle loaned us the money, he had to sign paperwork from the loan company that it was a gift and not a debt. It was easy and they didn't give us a hard time at all.

samanthas8882

Gotcha - We have one house we like a lot now as two of the other ones we liked sold. We are looking at 10 more on Sunday.Maybe a few more next week.The one I like has been on the market for almost a year as I think at first they priced it too high (It was a Flip house) so I think we might be able to negotiate.

icebunie

Ok, I see what you are saying. The bank didnt tell us we needed to have a cushion or anything - but we didnt put everything we had down. (but its not like we had a ton left or anything).

icebunie

And Sam, they didnt ask us about withdrawels either. Our lender was Trident Mortgage, ps. Now its GMAC. They sold our mortgage after closing.

icebunie

And Sam, where are these houses you are looking at? I loved touring houses - I still go to open houses in my 'hood.

HeatherWain

OMG IB! Same here!!! Ours was through Trident, too! And they sold our mortgage right after closing also.  We now are now with CitiMortgage.  We didn't even make our first payment to Trident.  I swear they sold the day after closing.

icebunie

Me too - first payment was to GMAC. I felt like a cheap who-ore.

candkmc1021

ice - hook a sister up re: touring houses. you know that i am looking around your area! if you see something, holler at me!

HeatherWain

Maybe Trident looks to sell to younger people and then dumps the loan off on someone else.  Too much liability? I dunno I'm not good with this stuff. However, we're currently in the process of having our PMI removed from our loan. Yahoo! That's an extra... almost 300 dollars a month that we will free up.

candkmc1021

mortgages get bought and sold all.the.time. sometimes they are bought before you make your first payment.

icebunie

Ooh Cand - there are 2 on my street!! I dont think I have your email anymore, but email me at icebunie at aol dot com and I'll send you links. I heart my street! Its so cute!

samanthas8882

In Bucks Montco Area - Upper Moreland, Hatboro/Horsham, Southhampton, Warminster, Amber, Blue BellAny place that is in good condition and in our price range!

icebunie

HW - thats what I thought too, liability.

samanthas8882

Ok so how does it work when your offer is accepted and you want a loan. I have a mortgage broker that I got pre-approved with. Do I work with him? Do I look on my own? We are doing FHA

candkmc1021

ice - i sent you an email from my work email (not the same you have before). sometimes it goes in spam so you should check if you dont see it. here is a mini confession - we drove around and passed some open houses last wekend and felt dumb to walk in b/c we didnt know what we were doing. stupid.

candkmc1021

sam - your broker should be donig the legwork to get you mortgage loan application process. if their rates aren't what you are liking, you can shop around on your own. *disclaimer* - i have not yet gone through this but this is what was explained to me.

HeatherWain

here is a mini confession - we drove around and passed some open houses last wekend and felt dumb to walk in b/c we didnt know what we were doing. stupid.Um, we never went to open houses because I was too much of a P*ssy. I just think it's way too awkward to just walk in a house and say, "here we are! We're ready to check this b*tch out!" I just can't do it. 

candkmc1021

exactly. like awkward city. but i guess i need to get over this. i just want my REA to kind of hold our hand through the process and i need to stop being a big.fat.baby.

icebunie

open houses are kinda awkward and made me anxious when we were looking. Every other person that walked into a house that I was interested in I would shoot dagers at. I'm possessive.

candkmc1021

ice - you is b-e-a-utiful in your siggy pic. stunning.

icebunie

thas veddy nice of you to say. thanks!

samanthas8882

hahaha Ice. When we went to look at the one house, another couple was leaving and I was thinking "Yeah, YOU BETTER BE LEAVING" lol I feel competitive too. lol

HeatherWain

Sammy and Cand, Just drop a deuce in the bathroom and that will show em you mean buisness!

icebunie

OMG, could you imagine?

HeatherWain

haha ice!"oh hey there... you're looking to buy this house? Awesome.  Just FYI... I just dropped a huge deuce in there a few minutes ago. YOu want to clean that up a bit before you move in."See! That will scare them away. AND you don't even have to do it.  Just say you did it.